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Legal and General Equity Release
Legal and General are a household name, renowned for their investment and insurance products. They joined the lifetime mortgage market in 2015 and have quickly grown to be one of the leading and most recognised lenders. They currently provide two forms of later life mortgages:
L&G Flexible Lifetime Mortgages
The range is broken down into Premier flexible and a standard flexible products. The difference being the in relation to the minimum property value and loan size with Premier higher qualification rules qualifying for a lower interest rate.
All L&G's lifetime mortgage plans have been colour coded, ranging from Flexible Opal to Flexible Pink, where the colour refers to the amount you can borrow against the value of your home (loan-to-value). The higher the loan-to-value, the higher the interest rate becomes.
All L&G's lifetime mortgages are offered on a drawdown basis which enables you to borrow an initial amount (£10,000 minimum) and the remaining cash facility is there for you to borrow against, as and when needed.
Both Premier and the standard flexible range also offer voluntary payments where you can repay up to 10% of the total amount borrowed each year without penalty. This can help control the future balance.
L&G Retirement Interest Only Mortgages (RIOs)
As demand for greater choice in the later life lending space grows, L&G have a RIO mortgage that offers a higher potential maximum loan-to-value of 60%. This compares more favourable to the maximum you could release on a lifetime mortgage.
There are three versions of its RIO mortgage to choose from dependent upon its purpose - Remortgage, Purchase or Remortgage and cashback.
The RIO range of mortgages all come with fixed interest rates for life - hence offer the certainty of knowing the future monthly interest only payment.
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Do the high street banks offer lifetime mortgages?
The ‘big 6’ high street banks - that is Halifax, Barclays, Lloyds, HSBC, Santander and Royal Bank of Scotland (RBS) don’t currently offer lifetime mortgages or other equity release plans themselves.
Recently, Nationwide entered the lifetime mortgage market but instead of offering its own range of plans, it refers its members to Pure Retirement
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We understand that with different options to choose from, it can be difficult to find the right lifetime
mortgage plan provider for you. That’s why our team of expert and impartial advisers are on hand to answer
all your questions and find the right solution for you.
It costs nothing to give us a call and the first and only person you’ll speak to is your local adviser.
That’s because we don’t have call centres. Just highly qualified and experienced advisers ready to help you.
